BREAKING: EUR virtually unchanged after German CPI

2:05 PM 29 June 2023

Germany, CPI for June

YoY: 6.4% YoY vs 6.1 YoY expected (6.3% YoY previously)
MoM: 0.3% MoM vs -0.1% MoM expected (0.2% MoM prior)

The marginally higher than expected inflation figure here was previously indicated by regional data. Note that a sizeable portion of the year-over-year increase can be attributed to base effects. During the June to August period of the previous year, the German government introduced several steps to combat high inflation, including a prominent measure of a €9 monthly rail pass for consumers.

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EURUSD, M15, source: xStation5

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